Income Tax Rules from April 2022 for individuals (including new PF rules)
Several changes have been made in the Income Tax Rules by the Government with effect from April 2022 affecting our major investments and tax savings. Income tax on crypto assets, filing of updated returns, new tax rules on EPF interest, and tax relief on Covid-19 treatment are some of the major changes effective from 1 April 2022. In this article we shall discuss all these changes in detail.
1. Tax applicable on Provident Fund Interest:
Interest earned on contributions made by the employees in Employees’ Provident Fund (EPF) Account over and above Rs 250,000 per annum will be taxed. The EPF account will be divided into taxable and non-taxable contribution accounts. This new rule will only apply to the contributions made by the employee, while contributions made by the employer will not be taxed. Read More